North Sea Porthos carbon storage project hits FID

Netherlands’ first major storage project sees costs more than double after two-year delay

The Netherlands’ Porthos North Sea CO₂ storage project has reached FID and is set to move forward at a cost of €1.3b ($1.37b), more than double the original estimate of €500m, following a two-year delay because of a legal challenge. The project, which is a joint venture between Dutch gas company Energie Beheer Nederland, Dutch gas transmission system operator Gasunie and the Port of Rotterdam Authority, is expected to be operational in 2026. "CO₂ storage is crucial if we want to achieve the climate goals in the Netherlands,” said Hans Meeuwsen, director of Porthos. “This investment decision is an important starting point for future developments in CO₂ storage in the Netherlands." The project